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Rupee Firmer, Tracking Asia FX Gains

INR

USD/INR is softer this morning, falling ~0.5% in early dealing. The pair last printed at 82.25/30.

  • The Rupee is tracking Asia FX gains seen in the wake of yesterday's dovish +25bps FOMC rate hike.US Treasury Yields are off session highs this morning further pressing the USD.
  • From a technical perspective we have broken the 20-day EMA (82.44), bears now target the 200-Day EMA at 80.87. Bulls look to test the 83 handle.
  • In the RBIs monthly bulletin, published late on Tuesday link here, the bank noted that Consumer Inflation will likely range between 5% and 5.6% in the next financial year which starts in April. Core inflation remains sticky and has held above 6% for 17 months in a row.
  • Note the next RBI outcome is on April 6.
  • Data wise the BoP current account balance for Q4 is due some time below now and 31 March. The Bloomberg Survey Median Estimate sits at -$23bn, the prior read was -$36.40bn.
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